MEG Energy (TSE:MEG) Reaches New 1-Year Low - Here's Why

MEG Energy Corp. (TSE:MEG - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Monday . The company traded as low as C$22.02 and last traded at C$22.35, with a volume of 174620 shares. The stock had previously closed at C$22.18.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Jefferies Financial Group dropped their price target on shares of MEG Energy from C$32.00 to C$26.00 and set a "hold" rating for the company in a research note on Monday, September 16th. BMO Capital Markets cut their price target on MEG Energy from C$37.00 to C$34.00 in a report on Friday, October 4th. TD Securities increased their price target on MEG Energy from C$35.00 to C$36.00 and gave the company a "buy" rating in a research report on Wednesday, November 6th. Scotiabank raised MEG Energy from a "sector perform" rating to an "outperform" rating and set a C$35.00 price objective for the company in a research report on Wednesday, September 25th. Finally, Royal Bank of Canada cut their target price on shares of MEG Energy from C$34.00 to C$33.00 in a research note on Wednesday, November 27th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of C$32.45.

MEG Energy Stock Performance

The company has a debt-to-equity ratio of 26.35, a current ratio of 1.54 and a quick ratio of 1.17. The stock's 50-day moving average is C$25.18 and its 200 day moving average is C$26.54. The stock has a market cap of C$6.12 billion, a price-to-earnings ratio of 10.81, a P/E/G ratio of 0.17 and a beta of 2.89.

MEG Energy (TSE:MEG - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The company reported C$0.62 EPS for the quarter, missing the consensus estimate of C$0.63 by C($0.01). MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. The business had revenue of C$1.27 billion during the quarter, compared to analyst estimates of C$1.33 billion. As a group, analysts predict that MEG Energy Corp. will post 2.2734628 earnings per share for the current fiscal year.

MEG Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 15th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, December 16th. This represents a $0.40 annualized dividend and a dividend yield of 1.76%. MEG Energy's payout ratio is currently 19.05%.

Insider Transactions at MEG Energy

In other MEG Energy news, Director Kimberley Elizabeth Lynch Proctor purchased 3,500 shares of MEG Energy stock in a transaction on Thursday, November 28th. The shares were bought at an average price of C$25.06 per share, with a total value of C$87,713.85. Also, Director Robert Ross Rooney purchased 8,500 shares of the stock in a transaction dated Wednesday, December 18th. The stock was acquired at an average price of C$23.06 per share, for a total transaction of C$195,993.00. Insiders have purchased a total of 12,805 shares of company stock valued at $303,669 in the last ninety days. 0.33% of the stock is currently owned by company insiders.

MEG Energy Company Profile

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in its Christina Lake Project in the southern Athabasca oil region of Alberta, Canada. The company develops oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions.